Stella-Jones

Live  

The Stella-Jones company is a Canadian wood products company that specializes in the production of pressure-treated wood products. The company was founded in 1992 and is headquartered in Montreal, Quebec.
Stella-Jones operates in three main business segments: railway ties, industrial products, and residential lumber. The company's main product is wood railway ties, which are used in the construction and maintenance of railway tracks. It also produces utility poles, marine and foundation pilings, and residential lumber products such as fence posts, decking, and siding.
The company's operations are primarily located in Canada and the United States, with facilities in over 60 locations. Stella-Jones serves a wide range of customers in the railroad, forestry, utility, and residential construction industries.
The company has a strong commitment to sustainable forestry practices and has implemented a responsible sourcing policy to ensure the traceability and sustainability of its wood products. It also actively promotes and participates in reforestation programs.
Stella-Jones has a strong financial track record and has experienced steady growth over the years. The company's success can be attributed to its focus on providing quality products and services, as well as its strong relationships with customers and suppliers.

U3RlbGxhLU pvbmVzIGlz IGEgY29tcG FueSB0aGF0 IGRvZXMgc2 9tZXRoaW5n IHByZXR0eS BpbnRlcmVz dGluZzogdG hleSBtYWtl IHdvb2Rlbi Bwcm9kdWN0 cyB0aGF0IG xhc3QgYSBs b25nIHRpbW UsIGVzcGVj aWFsbHkgb2 5lcyB0aGF0 IGdvIGluIH BsYWNlcyB3 aGVyZSB0aG V5IG5lZWQg dG8gYmUgcm VhbGx5IHN0 cm9uZyBhbm Qgc2FmZSwg bGlrZSBwb3 dlciBwb2xl cyBhbmQgcm FpbHJvYWQg dGllcy4gPG JyPlRoaW5r IGFib3V0IH RyZWVzLiBX aGVuIHRyZW VzIGdyb3cg dGFsbCBhbm Qgc3Ryb25n LCBzb21lIG 9mIHRoZW0g Y2FuIGJlIG N1dCBkb3du IGFuZCB0dX JuZWQgaW50 byBwcm9kdW N0cyB0aGF0 IGhlbHAgaG 9sZCB1cCBw b3dlciBsaW 5lcyBvciBz dXBwb3J0IH RyYWlucyBv biB0cmFja3 MuIFN0ZWxs YS1Kb25lcy B0YWtlcyB0 aGVzZSB0cm VlcywgcHJv Y2Vzc2VzIH RoZW0sIGFu ZCBtYWtlcy BzdXJlIHRo ZSB3b29kIG lzIHByb3Rl Y3RlZCBmcm 9tIHRoaW5n cyBsaWtlIG J1Z3MgYW5k IGJhZCB3ZW F0aGVyIHNv IGl0IGxhc3 RzIGEgcmVh bGx5IGxvbm cgdGltZS48 YnI+Tm93LC Bob3cgZG9l cyB0aGUgY2 9tcGFueSBt YWtlIG1vbm V5PyBXZWxs LCB0aGV5IH NlbGwgdGhl c2Ugc3Ryb2 5nIHdvb2Rl biBwcm9kdW N0cyB0byBv dGhlciBidX NpbmVzc2Vz LCBsaWtlIG VsZWN0cmlj IGNvbXBhbm llcyBhbmQg cmFpbHdheS Bjb21wYW5p ZXMsIHdoaW NoIG5lZWQg dG8ga2VlcC B0aGVpciBs aW5lcyBhbm QgdHJhY2tz IGluIGdvb2 Qgc2hhcGUu IFRoZSBjb2 1wYW5pZXMg cGF5IFN0ZW xsYS1Kb25l cyBmb3IgdG hlaXIgcHJv ZHVjdHMsIG FuZCB0aGF0 4oCZcyBob3 cgU3RlbGxh LUpvbmVzIG Vhcm5zIG1v bmV5Ljxicj 5TdGVsbGEt Sm9uZXMgaX Mgc3VjY2Vz c2Z1bCBiZW NhdXNlIHRo ZXkgcHJvdm lkZSBhIHBy b2R1Y3QgdG hhdCBpcyBz dXBlciBpbX BvcnRhbnQg Zm9yIGV2ZX J5ZGF5IGxp ZmUuIFdpdG hvdXQgcG93 ZXIgcG9sZX MsIHlvdSB3 b3VsZG7igJ l0IGhhdmUg ZWxlY3RyaW NpdHksIGFu ZCB3aXRob3 V0IHJhaWxy b2FkIHRpZX MsIHRyYWlu cyB3b3VsZG 7igJl0IGJl IGFibGUgdG 8gcnVuIHNh ZmVseS4gUG x1cywgdGhl eSBhcmUgcm VhbGx5IGdv b2QgYXQgbW FraW5nIGhp Z2gtcXVhbG l0eSBwcm9k dWN0cyB0aG F0IGxhc3Qg YSBsb25nIH RpbWUuIDxi cj5JbiB0aG UgZnV0dXJl LCBhcyBsb2 5nIGFzIHBl b3BsZSBrZW VwIHVzaW5n IGVsZWN0cm ljaXR5IGFu ZCB0cmFpbn MsIFN0ZWxs YS1Kb25lcy B3aWxsIGNv bnRpbnVlIH RvIGJlIG5l ZWRlZC4gVG hleSBhbHNv IHRha2UgY2 FyZSBvZiB0 aGUgZW52aX Jvbm1lbnQg YnkgdXNpbm cgd29vZCBm cm9tIHRyZW VzIHdpc2Vs eSwgYW5kIG 1hbnkgcGVv cGxlIGNhcm UgYWJvdXQg dGhhdCwgc2 8gdGhleSBt aWdodCBldm VuIGdldCBt b3JlIGN1c3 RvbWVycyB3 aG8gd2FudC B0byBiZSBl Y28tZnJpZW 5kbHkuIFRo aXMgbWVhbn MgU3RlbGxh LUpvbmVzIG hhcyBhIGdv b2QgY2hhbm NlIG9mIHN0 YXlpbmcgc3 VjY2Vzc2Z1 bCBmb3IgYS Bsb25nIHRp bWUhPGJyPg ==

MS4gTGVhZG luZyBwcm9k dWNlciBvZi BwcmVzc3Vy ZS10cmVhdG VkIHdvb2Qg cHJvZHVjdH M6IFN0ZWxs YS1Kb25lcy BpcyBvbmUg b2YgdGhlIG xlYWRpbmcg cHJvZHVjZX JzIG9mIHBy ZXNzdXJlLX RyZWF0ZWQg d29vZCBwcm 9kdWN0cywg d2hpY2ggYX JlIHVzZWQg aW4gdmFyaW 91cyBhcHBs aWNhdGlvbn Mgc3VjaCBh cyByYWlsd2 F5IHRpZXMs IHV0aWxpdH kgcG9sZXMs IGFuZCByZX NpZGVudGlh bCBsdW1iZX IuIFRoaXMg c3BlY2lhbG l6YXRpb24g aGFzIGFsbG 93ZWQgdGhl IGNvbXBhbn kgdG8gZXN0 YWJsaXNoIG l0c2VsZiBh cyBhIHRvcC BwbGF5ZXIg aW4gdGhlIG luZHVzdHJ5 Ljxicj4yLi BEaXZlcnNp ZmllZCBwcm 9kdWN0IHBv cnRmb2xpbz ogQXBhcnQg ZnJvbSBwcm Vzc3VyZS10 cmVhdGVkIH dvb2QgcHJv ZHVjdHMsIF N0ZWxsYS1K b25lcyBhbH NvIG9mZmVy cyBhIHdpZG UgcmFuZ2Ug b2Ygbm9uLX RpbWJlciBw cm9kdWN0cy BzdWNoIGFz IGNvbmNyZX RlLCBzdGVl bCwgYW5kIH BsYXN0aWMg cmFpbHJvYW QgdGllcywg d2hpY2ggaG VscHMgdGhl IGNvbXBhbn kgdG8gY2F0 ZXIgdG8gYS BkaXZlcnNl IGN1c3RvbW VyIGJhc2Uu IFRoaXMgZG l2ZXJzaWZp Y2F0aW9uIG Fsc28gaGVs cHMgdGhlIG NvbXBhbnkg dG8gbWl0aW dhdGUgcmlz a3MgYW5kIH N0YXkgY29t cGV0aXRpdm UgaW4gdGhl IG1hcmtldC 48YnI+My4g U3Ryb25nIH ByZXNlbmNl IGluIE5vcn RoIEFtZXJp Y2E6IFN0ZW xsYS1Kb25l cyBoYXMgYS BzdHJvbmcg cHJlc2VuY2 UgaW4gdGhl IE5vcnRoIE FtZXJpY2Fu IG1hcmtldC wgd2l0aCBw cm9kdWN0aW 9uIGZhY2ls aXRpZXMgYW 5kIGRpc3Ry aWJ1dGlvbi BjZW50ZXJz IHN0cmF0ZW dpY2FsbHkg bG9jYXRlZC BhY3Jvc3Mg dGhlIHJlZ2 lvbi4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gZWZmaWNp ZW50bHkgc2 VydmUgaXRz IGN1c3RvbW VycyBhbmQg bWFpbnRhaW 4gYSBzdHJv bmcgbWFya2 V0IHNoYXJl Ljxicj40Li BTdXN0YWlu YWJsZSBwcm FjdGljZXM6 IFRoZSBjb2 1wYW55IGlz IGNvbW1pdH RlZCB0byBz dXN0YWluYW JsZSBmb3Jl c3RyeSBwcm FjdGljZXMg YW5kIGhhcy BjZXJ0aWZp Y2F0aW9ucy Bmcm9tIHZh cmlvdXMgb3 JnYW5pemF0 aW9ucywgc3 VjaCBhcyB0 aGUgU3VzdG FpbmFibGUg Rm9yZXN0cn kgSW5pdGlh dGl2ZSAoU0 ZJKSBhbmQg dGhlIEZvcm VzdCBTdGV3 YXJkc2hpcC BDb3VuY2ls IChGU0MpLi BUaGlzIG5v dCBvbmx5IG hlbHBzIFN0 ZWxsYS1Kb2 5lcyB0byBt ZWV0IHRoZS Bncm93aW5n IGRlbWFuZC Bmb3Igc3Vz dGFpbmFibG UgcHJvZHVj dHMsIGJ1dC BhbHNvIHN0 cmVuZ3RoZW 5zIGl0cyBi cmFuZCByZX B1dGF0aW9u Ljxicj41Li BTdHJvbmcg ZmluYW5jaW FsIHBlcmZv cm1hbmNlOi BTdGVsbGEt Sm9uZXMgaG FzIGNvbnNp c3RlbnRseS BkZWxpdmVy ZWQgc3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSwgd2l0aC BhIHRyYWNr IHJlY29yZC BvZiByZXZl bnVlIGFuZC BlYXJuaW5n cyBncm93dG guIFRoaXMg aXMgYSByZX N1bHQgb2Yg dGhlIGNvbX BhbnkncyBm b2N1cyBvbi Bjb3N0IGVm ZmljaWVuY3 kgYW5kIHBy b2R1Y3Rpdm l0eSBpbXBy b3ZlbWVudH MsIGFzIHdl bGwgYXMgaX RzIGFiaWxp dHkgdG8gYW RhcHQgdG8g Y2hhbmdpbm cgbWFya2V0 IGNvbmRpdG lvbnMuPGJy PjYuIEV4cG VyaWVuY2Vk IG1hbmFnZW 1lbnQgdGVh bTogVGhlIG NvbXBhbnkg aXMgbGVkIG J5IGEgc2Vh c29uZWQgbW FuYWdlbWVu dCB0ZWFtIH dpdGggbWFu eSB5ZWFycy BvZiBleHBl cmllbmNlIG luIHRoZSB3 b29kIHByb2 R1Y3RzIGlu ZHVzdHJ5Li BUaGlzIHRl YW0gaGFzIG hlbHBlZCBT dGVsbGEtSm 9uZXMgdG8g bmF2aWdhdG UgdGhyb3Vn aCBjaGFsbG VuZ2VzIGFu ZCBjYXBpdG FsaXplIG9u IGdyb3d0aC BvcHBvcnR1 bml0aWVzLC Bjb250cmli dXRpbmcgdG 8gdGhlIGNv bXBhbnkncy BzdWNjZXNz Ljxicj43Li BDb21taXRt ZW50IHRvIH NhZmV0eTog U3RlbGxhLU pvbmVzIHBs YWNlcyBhIG hpZ2ggdmFs dWUgb24gc2 FmZXR5IGlu IGFsbCBhc3 BlY3RzIG9m IGl0cyBvcG VyYXRpb25z LiBUaGUgY2 9tcGFueSBo YXMgaW1wbG VtZW50ZWQg c3RyaWN0IH NhZmV0eSBw cm90b2NvbH MgYW5kIGhh cyB3b24gYX dhcmRzIGZv ciBpdHMgc2 FmZXR5IHJl Y29yZCwgc2 hvd2luZyBp dHMgY29tbW l0bWVudCB0 byB0aGUgd2 VsbC1iZWlu ZyBvZiBpdH MgZW1wbG95 ZWVzIGFuZC B0aGUgY29t bXVuaXR5Lg ==

VGhlIFN0ZW xsYS1Kb25l cyBjb21wYW 55IGlzIGEg bGVhZGluZy Bwcm9kdWNl ciBhbmQgbW Fya2V0ZXIg b2YgcHJlc3 N1cmUtdHJl YXRlZCB3b2 9kIHByb2R1 Y3RzLiBUaG UgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIH RvIHByb2R1 Y2UgYW5kIG Rpc3RyaWJ1 dGUgaGlnaC 1xdWFsaXR5 LCB2YWx1ZS 1hZGRlZCB3 b29kIHByb2 R1Y3RzIGZv ciB0aGUgcm FpbHJvYWQs IGNvbnN1bW VyLCBhbmQg aW5kdXN0cm lhbCBtYXJr ZXRzLiBUaG lzIGluY2x1 ZGVzIHByb2 R1Y2luZyB1 dGlsaXR5IH BvbGVzLCBy YWlsd2F5IH RpZXMsIGJy aWRnZSB0aW 1iZXJzLCBn dWFyZHJhaW xzLCBhbmQg b3RoZXIgaW 5kdXN0cmlh bCBhbmQgY2 9tbWVyY2lh bCB3b29kIH Byb2R1Y3Rz LiBUaGUgY2 9tcGFueSBh bHNvIG9wZX JhdGVzIGEg bmV0d29yay BvZiB3b29k IHRyZWF0aW 5nIGZhY2ls aXRpZXMgdG 8gaW1wcmVn bmF0ZSB3b2 9kIHdpdGgg Y2hlbWljYW xzIHRoYXQg cHJvdmlkZS Bwcm90ZWN0 aW9uIGZyb2 0gZGVjYXks IGluc2VjdH MsIGFuZCBm aXJlLiBTdG VsbGEtSm9u ZXMnIGJ1c2 luZXNzIG1v ZGVsIGlzIG ZvY3VzZWQg b24gcHJvdm lkaW5nIHN1 c3RhaW5hYm xlIGFuZCBl bnZpcm9ubW VudGFsbHkg ZnJpZW5kbH kgd29vZCBw cm9kdWN0cy B0byBtZWV0 IHRoZSBncm 93aW5nIGRl bWFuZCBmb3 IgaW5mcmFz dHJ1Y3R1cm UgYW5kIGNv bnN0cnVjdG lvbiBwcm9q ZWN0cy4gVG hlIGNvbXBh bnkgb3Blcm F0ZXMgZ2xv YmFsbHksIH dpdGggYSBz dHJvbmcgcH Jlc2VuY2Ug aW4gTm9ydG ggQW1lcmlj YSwgYW5kIG NvbnRpbnVl cyB0byBleH BhbmQgaXRz IHJlYWNoIH Rocm91Z2gg c3RyYXRlZ2 ljIGFjcXVp c2l0aW9ucy BhbmQgcGFy dG5lcnNoaX BzLg==

AI does carry potential implications for companies like Stella-Jones, which specializes in producing pressure-treated wood products and related services. Here’s how AI could impact the company in terms of substitution, disintermediation, and margin pressure:
1. Substitution: AI may facilitate the development of alternative materials or composites that can replace traditional wood products. Innovations in manufacturing, guided by AI, could lead to enhanced synthetic materials that mimic or exceed the performance of wood while being more sustainable or cost-effective. If such alternatives gain traction, they could pose a significant threat to Stella-Jones’s market.
2. Disintermediation: The rise of AI in supply chain management and logistics could streamline operations and create opportunities for direct-to-consumer sales models, thereby reducing reliance on traditional distributors and retail channels. If consumers can access treated wood products directly through advanced AI-driven platforms or marketplaces, it could disrupt Stella-Jones’s existing distribution channels and customer relationships.
3. Margin Pressure: AI-enabled efficiencies in production and logistics can lead to cost reductions for competitors. If rivals adopt AI technology to lower their operational costs, Stella-Jones may face margin pressure as it competes against lower-priced alternatives. Additionally, AI may enhance competitor innovation, resulting in new products that meet customer needs more effectively, which could further challenge the company’s pricing power.
In summary, while AI presents potential threats in the form of substitutes, disintermediation, and margin pressure, Stella-Jones can also explore AI technologies to enhance its operational efficiency and innovate its product offerings, which could help mitigate these risks.

The sensitivity of Stella-Jones company’s earnings, cash flow, and valuation to changes in interest rates can be understood through several key mechanisms:
1. Debt Servicing Costs: If Stella-Jones carries a significant amount of debt, an increase in interest rates can raise the cost of servicing that debt. This increased financial burden may reduce the company’s earnings and free cash flow, as more cash is allocated to interest payments rather than operational investments or other expenditures.
2. Cost of Capital: Changes in interest rates can affect the company’s overall cost of capital. Higher interest rates typically lead to a higher weighted average cost of capital (WACC). As WACC increases, the present value of future cash flows may decrease, impacting the company’s overall valuation and making new projects less attractive.
3. Consumer Demand: Interest rates also influence consumer behavior and demand for products. In a higher interest rate environment, borrowing costs for consumers increase, potentially leading to reduced spending. If Stella-Jones’ products are sensitive to consumer demand, a decline in sales could negatively impact earnings and cash flow.
4. Investment Decisions: Higher interest rates may lead the company to reassess its investment strategies. If financing costs rise, Stella-Jones may delay or scale back investments in growth opportunities, which could affect long-term earnings growth.
5. Market Valuation Multiples: Generally, rising interest rates can lead to lower valuation multiples in the stock market. As rates rise, investors may require higher returns, leading to a reassessment of equity valuations. This could negatively impact Stella-Jones’ stock price, even if its underlying business remains stable.
6. Foreign Exchange Impacts: If Stella-Jones operates internationally, changes in interest rates can also affect currency exchange rates. A stronger domestic currency (often a result of higher interest rates) could adversely impact exports, thus reducing revenue and profits from international operations.
In summary, changes in interest rates have multifaceted effects on Stella-Jones’ earnings, cash flow, and valuation. The overall impact depends on the company’s debt levels, operational efficiency, investment strategies, and market conditions. Adjustments in these areas can lead to significant fluctuations in financial performance and market perception.

QSBwb3Rlbn RpYWxseSBy ZWFsaXN0aW Mgc2NlbmFy aW8gdGhhdC Bjb3VsZCBw ZXJtYW5lbn RseSBpbXBh aXIgU3RlbG xhLUpvbmVz 4oCZIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGludm9s dmVzIGEgc2 lnbmlmaWNh bnQgYW5kIH N1c3RhaW5l ZCBkZWNsaW 5lIGluIGRl bWFuZCBmb3 IgdHJlYXRl ZCB3b29kIH Byb2R1Y3Rz IGR1ZSB0by BhIGNvbWJp bmF0aW9uIG 9mIGVudmly b25tZW50YW wgcmVndWxh dGlvbnMgYW 5kIHNoaWZ0 cyBpbiBjb2 5zdW1lciBw cmVmZXJlbm NlLiA8YnI+ QXMgZ292ZX JubWVudHMg cmFtcCB1cC ByZWd1bGF0 aW9ucyByZW dhcmRpbmcg dGhlIHVzZS BvZiB0cmVh dGVkIHdvb2 QgYmVjYXVz ZSBvZiBlbn Zpcm9ubWVu dGFsIGNvbm Nlcm5zLCB0 aGUgY29zdC BvZiBjb21w bGlhbmNlIG NvdWxkIHJp c2Ugc2lnbm lmaWNhbnRs eS4gQWRkaX Rpb25hbGx5 LCBpZiBjb2 5zdW1lcnMg aW5jcmVhc2 luZ2x5IGZh dm9yIGFsdG VybmF0aXZl cyBsaWtlIH N5bnRoZXRp YyBtYXRlcm lhbHMgb3Ig c3VzdGFpbm FibGUgdGlt YmVyIG9wdG lvbnMgdGhh dCBkbyBub3 QgcmVxdWly ZSBjaGVtaW NhbCB0cmVh dG1lbnQsIF N0ZWxsYS1K b25lcyBjb3 VsZCBzZWUg YSBtYXJrZW QgZGVjcmVh c2UgaW4gaX RzIGNvcmUg bWFya2V0IG RlbWFuZC48 YnI+SW4gdG hpcyBzY2Vu YXJpbywgdG hlIGNvbXBh bnnigJlzIG 1hcmdpbnMg d291bGQgbG lrZWx5IGNv bXByZXNzIG NvbnNpZGVy YWJseS4gV2 l0aCBsb3dl ciBzYWxlcy B2b2x1bWVz IGFuZCBwb3 RlbnRpYWxs eSBpbmNyZW FzZWQgY29z dHMgcmVsYX RlZCB0byBt ZWV0aW5nIH JlZ3VsYXRp b25zLCBncm 9zcyBtYXJn aW5zIGNvdW xkIGRlY2xp bmUgc2hhcn BseS4gT3Bl cmF0aW5nIG 1hcmdpbnMg d291bGQgYm UgY2hhbGxl bmdlZCBhcy B0aGUgZml4 ZWQgY29zdH Mgb2YgcHJv ZHVjdGlvbi ByZW1haW4g cmVsYXRpdm VseSBjb25z dGFudCBkZX NwaXRlIGZh bGxpbmcgcm V2ZW51ZXMu PGJyPkNhc2 ggZmxvdyB3 b3VsZCBhbH NvIGJlIHNl dmVyZWx5IG ltcGFjdGVk LiBXaXRoIH JlZHVjZWQg c2FsZXMsIH RoZSBjb21w YW55IG1pZ2 h0IGV4cGVy aWVuY2UgYS BkZWNyZWFz ZSBpbiBuZX Qgb3BlcmF0 aW5nIGNhc2 ggZmxvdywg bGVhZGluZy B0byBpbnN1 ZmZpY2llbn QgZnVuZHMg dG8gY292ZX IgY2FwaXRh bCBleHBlbm RpdHVyZXMg b3Igc2Vydm ljaW5nIGRl YnQuIFRoaX MgY291bGQg Zm9yY2UgdG hlIGNvbXBh bnkgdG8gY3 V0IGRpdmlk ZW5kcywgZG VsYXkgaW52 ZXN0bWVudH MsIG9yIGV2 ZW4gbGlxdW lkYXRlIHBh cnRzIG9mIG l0cyBvcGVy YXRpb25zIH RvIHByZXNl cnZlIGNhc2 guPGJyPk9u IHRoZSBiYW xhbmNlIHNo ZWV0LCBhc3 NldHMgd291 bGQgc3Rhcn QgdG8gcmVm bGVjdCB0aG UgZGVjbGlu ZSBpbiBzYW xlcyBhcyBp bnZlbnRvcn kgYnVpbGQt dXAgb2NjdX JzIGFuZCBh Y2NvdW50cy ByZWNlaXZh YmxlIG1heS BpbmNyZWFz ZSBkdWUgdG 8gc2xvd2Vy IGNvbGxlY3 Rpb25zIGZy b20gY3VzdG 9tZXJzIGZh Y2luZyB0aG VpciBvd24g b3BlcmF0aW 9uYWwgY2hh bGxlbmdlcy 4gVGhlIGNv bXBhbnkgY2 91bGQgYmVj b21lIG92ZX ItbGV2ZXJh Z2VkIGlmIG l0IHRha2Vz IG9uIGRlYn QgdG8gc3Vz dGFpbiBjYX NoIGZsb3cg ZHVyaW5nIG Rvd250dXJu cywgbGVhZG luZyB0byBh IHdlYWtlbm VkIGZpbmFu Y2lhbCBwb3 NpdGlvbiB3 aXRoIGEgaG lnaGVyIGRl YnQtdG8tZX F1aXR5IHJh dGlvLjxicj 5JbiBzdW1t YXJ5LCB0aG lzIHNjZW5h cmlvIGNvdW xkIHJlc3Vs dCBpbiBkZX RlcmlvcmF0 ZWQgbWFyZ2 lucyBkdWUg dG8gbG93ZX IgcmV2ZW51 ZXMgYW5kIG hpZ2hlciBj b21wbGlhbm NlIGNvc3Rz LCBjb25zdH JhaW5lZCBj YXNoIGZsb3 cgYWZmZWN0 aW5nIG92ZX JhbGwgbGlx dWlkaXR5LC BhbmQgYSBi YWxhbmNlIH NoZWV0IHRo YXQgcmVmbG VjdHMgaW5j cmVhc2VkIG RlYnQgbGV2 ZWxzIGFuZC Bhc3NldCBp bXBhaXJtZW 50cywgc2V2 ZXJlbHkgaW 1wYWN0aW5n IFN0ZWxsYS 1Kb25lc+KA mSBsb25nLX Rlcm0gdmlh YmlsaXR5Lj xicj4=

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvQX I5UTJyMlQ2 QkFyQ3N3M3 NoWmIud2Vi cCIgYWx0PS JTdGVsbGEt Sm9uZXMiIH RpdGxlPSJT dGVsbGEtSm 9uZXMiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgU3 RlbGxhLUpv bmVzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg4pyF IERvd25sb2 FkIDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4g4o CUIHRvdGFs bHkgZnJlZS EKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dWR2hsSUcg TnZiWEJoYm 5rZyBkMkZ6 SUdadmRXID VrWldRZ2FX NGcgTVRrNU 1pd2dZbiBW MElHbDBjeU J5IGIyOTBj eUJuYnkgQm lZV05ySUcx MSBZMmdnWm 5WeWRHIGhs Y2k0Z1ZHaG wgSUc1aGJX VWdVMyBSbG JHeGhMVXB2 IGJtVnpJSG RoY3kgQmpj bVZoZEdWay BJSGRvWlc0 Z2RIIGR2SU VOaGJtRmsg YVdGdUlISm hhVyB4M1lY a2djM1Z3IG NHeDVJR052 YlggQmhibW xsY3l3ZyBV M1JsYkd4aE lFIE55Wlc5 emIzUnAgYm 1jZ1EyOXRj RyBGdWVTQm hibVFnIFNt OXVaWE1nVF cgRnVkV1po WTNSMSBjbW x1WnlCRGIy IDF3WVc1NU xDQnQgWlhK blpXUWdhVy A0Z01UazVN aTQ4IFluSS tNaTRnU1cg NXBkR2xoYk d4NSBMQ0Iw YUdVZ1kyID l0Y0dGdWVT Qm0gYjJOMW MyVmtJRyA5 dUlIQnliMl IxIFkybHVa eUJoYm0gUW djMlZzYkds dSBaeUJ5WV dsc2QyIEY1 SUhScFpYTW cgWm05eUlF NXZjbiBSb0 lFRnRaWEpw IFkyRnVJSE poYVcgeDNZ WGx6TGlCSS BiM2RsZG1W eUxDIEJ2ZG 1WeUlIUnAg YldVc0lGTj BaVyB4c1lT MUtiMjVsIG N5QmxlSEJo Ym0gUmxaQ0 JwZEhNZyBj SEp2WkhWam RDIEJzYVc1 bElIUnYgSU dsdVkyeDFa RyBVZ2RYUn BiR2wwIGVT QndiMnhsY3 kgd2daRzlq YTNNZyBZVz VrSUhCcFpY IEp6TENCam IyNXogZEhK MVkzUnBiMi A0Z2RHbHRZ bVZ5IGN5d2 dZVzVrSUcg MXZjbVV1UE dKeSBQak11 SUZSb2NtID kxWjJnZ1lT QnogWlhKcF pYTWdiMiBZ Z2MzUnlZWF JsIFoybGpJ R0ZqY1ggVn BjMmwwYVc5 dSBjeXdnVT NSbGJHIHho TFVwdmJtVn ogSUdoaGN5 Qm5jbSA5M2 JpQjBieUJp IFpXTnZiV1 VnZEcgaGxJ R3hoY21kbC BjM1FnY0hK dlpIIFZqWl hJZ2IyWWcg Y21GcGJIZG hlUyBCMGFX VnpJR2x1IE lFNXZjblJv SUUgRnRaWE pwWTJFcyBJ SGRwZEdnZ1 lTIEJ0WVhK clpYUWcgYz JoaGNtVWdi MiBZZ1lYQn djbTk0IGFX MWhkR1ZzZV MgQTBNQ1V1 UEdKeSBQal F1SUVsdUlH IEZrWkdsMG FXOXUgSUhS dklIUm9aUy BCeVlXbHNk MkY1IElHbH VaSFZ6ZEgg SjVMQ0JUZE dWcyBiR0V0 U205dVpYIE 1nWVd4emJ5 QnogWlhKMl pYTWdkRyBo bElIVjBhV3 hwIGRIa3NJ R2x1WkggVn pkSEpwWVd3 cyBJSEpsYz Jsa1pXIDUw YVdGc0xDQm ggYm1RZ1lX ZHlhVyBOMW JIUjFjbUZz IElHMWhjbX RsZEggTWdk MmwwYUNCcC BkSE1nZDI5 dlpDIEJ3Y2 05a2RXTjAg Y3k0OFluSS tOUyA0Z1ZH aGxJR052IG JYQmhibmtn YUcgRnpJRz l3WlhKaCBk R2x2Ym5NZ2 FXIDRnUTJG dVlXUmggSU dGdVpDQjBh RyBVZ1ZXNX BkR1ZrIElG TjBZWFJsY3 kgd2dkMmww YUNCdiBkbV Z5SURRd0lI IEJ5YjJSMV kzUnAgYjI0 Z1ptRmphVy B4cGRHbGxj eUJoIGJtUW dORFFnWkcg bHpkSEpwWW 5WMCBhVzl1 SUdObGJuIF JsY25NZ1lX TnkgYjNOek lFNXZjbiBS b0lFRnRaWE pwIFkyRXVQ R0p5UGogWX VJRVJsYzNC cCBkR1VnWW 1WcGJtIGNn WVNCc1pXRm sgYVc1bklI QnNZWCBsbG NpQnBiaUIw IGFHVWdkMj l2WkMgQndj bTlrZFdOMC BjeUJwYm1S MWMzIFJ5ZV N3Z1UzUmwg Ykd4aExVcH ZibSBWeklH bHpJR052IG JXMXBkSFJs WkMgQjBieU J6ZFhOMCBZ V2x1WVdKc1 pTIEJoYm1R Z2NtVnogY0 c5dWMybGli RyBVZ1ptOX laWE4wIGNu a2djSEpoWT MgUnBZMlZ6 TGlCVSBhR1 VnYldGcWIz IEpwZEhrZ2 IyWWcgZEdo bElIZHZiMi BRZ2RYTmxa Q0JwIGJpQn BkSE1nY0gg SnZaSFZqZE hNZyBZMjl0 WlhNZ1puIE p2YlNCalpY SjAgYVdacF pXUWdjMyBW emRHRnBibU ZpIGJHVWdj MjkxY20gTm xjeTQ4WW5J KyBOeTRnVT NSbGJHIHho TFVwdmJtVn ogSUdoaGN5 QmpiMiA1em FYTjBaVzUw IGJIa2dZbV ZsYmkgQnVZ VzFsWkNCdi BibVVnYjJZ Z1EyIEZ1WV dSaDRvQ1og Y3lCQ1pYTj BJRSAxaGJt Rm5aV1FnIF EyOXRjR0Z1 YVcgVnpJR0 Z1WkNCbyBZ WE1nY21Wal pXIGwyWldR Z2JYVnMgZE dsd2JHVWdZ WCBkaGNtUn pJR1p2IGNp QnBkSE1nYz MgVnpkR0Zw Ym1GaSBiR1 VnY0hKaFkz IFJwWTJWek lHRnUgWkNC amIzSndiMy BKaGRHVWdj MjlqIGFXRn NJSEpsYzMg QnZibk5wWW 1scyBhWFI1 SUdsdWFYIF JwWVhScGRt VnogTGp4aW NqNDRMaSBC SmJpQXlNRE l3IExDQjBh R1VnWTIgOX RjR0Z1ZVNC eSBaV05sYV habFpDIEJo SUhOamIzSm wgSUc5bUlF RXRJRyBaeW IyMGdkR2hs IElFTmhjbU p2YmkgQkVh WE5qYkc5ei BkWEpsSUZC eWIyIHBsWT NRZ0tFTkUg VUNrc0lIUm 9aUyBCb2FX ZG9aWE4wIE lITmpiM0ps SUcgRmphR2 xsZG1WayBJ R0o1SUdFZ1 RtIDl5ZEdn Z1FXMWwgY2 1sallXNGda bSA5eVpYTj BjbmtnIFky OXRjR0Z1ZV MgNDhZbkkr T1M0ZyBRWE 1nYjJZZ01q IEF5TVN3Z1 UzUmwgYkd4 aExVcHZibS BWeklHVnRj R3h2IGVYTW diM1psY2kg QXlMRFV3TU NCdyBaVzl3 YkdVZ1lXID VrSUdoaGN5 QmggYm01MV lXd2djbSBW MlpXNTFaWE 1nIGIyWWdi M1psY2kgQW tNaUJpYVd4 cyBhVzl1TG p4aWNqIDR4 TUM0Z1JHVn ogY0dsMFpT QnBkSCBNZ2 MzVmpZMlZ6 IGN5d2dVM1 JsYkcgeGhM VXB2Ym1Wei BJSEpsYldG cGJuIE1nWV NCbVlXMXAg YkhrdGIzZH VaVyBRZ1ky OXRjR0Z1IG VTd2dkMmww YUMgQjBhR1 VnU205dSBa WE1nWm1GdG FXIHg1SUdo dmJHUnAgYm 1jZ1lTQnph VyBkdWFXWn BZMkZ1IGRD QnpkR0ZyWl MgQnBiaUIw YUdVZyBZbl Z6YVc1bGMz IE11SUVodm QyVjIgWlhJ c0lIUm9aUy BCamIyMXdZ VzU1IElHRn NjMjhnYUcg RnpJR0VnWk dsMiBaWEp6 WlNCbmNtID kxY0NCdlpp QnAgYm5OMG FYUjFkRyBs dmJtRnNJR2 x1IGRtVnpk Rzl5Y3kgND 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg